Bitcoin Price Struggles Near $17,200 as Bulls and Bears Battle

Bitcoin price study shows that prices are continuing to rise

As expected. As the rising trend continues, the big resistance level of $17,000 was quickly resolved.

Bitcoin quickly surpassed the $17,000 barrier, while major US stock indices soared on the footsteps of Fed Chair Jerome Powell's most dovish statements in nearly a year.

Bitcoin's price was able to break beyond the $17,000 barrier.BTC is consolidating gains and may stay supported over $16,750. Bitcoin's price has remained well above the $16,500 support level. BTC gained momentum and broke over the $16,800 resistance zone as well as the 100 hourly simple moving average.

The price increased so much that it broke through the $17,000 resistance level. Before the bulls were challenged by sellers, it went as high as $17,249. It is currently consolidating gains over the $17,000 level. The price is trading at the 23.6% Fib retracement level of the upward advance from the swing low of $16,705 to the high of $17,249.

Bitcoin is currently trading above $17,000 and above the 21-hour simple moving average. On the hourly chart of the BTC/USD pair, a key bullish trend line is formed with support near $16,800.

Bitcoin price analysis on a 4-hour timeframe shows that BTC is currently trading in a consolidation range, with the latest candle forming a Doji pattern. It will be critical to keep a watch out for any dramatic shifts in momentum that might suggest a bullish or bearish trend.

On the upside, an immediate resistance level is at $17,250. The first major resistance is at $17,500, above which the price may begin another steady rise. In the suggested scenario, the price might increase to the $18,000 barrier level. The next big barrier is at $18,800, over which the price may pick up momentum and move into the $19,500 zone in the short term.

If bitcoin fails to break over the $17,250 barrier level, a downside correction is likely. On the downside, there is immediate support at the $17,000 level. Both the trend line and the next key support are close to $16,950. The trend line is close to the 50% Fib retracement level of the upward move from the swing low of $16,705 to the high of $17,249. A break below the trend line on the downside might indicate a move towards $16,800. Any more losses might result in a test of the critical $16,500 support zone in the near term.

According to Price Analysis, The market capitalization of this BTC is estimated to be $328,768,364,073. The 24-hour trading volume for the coin is around $26,043,168,779. BTC market capitalization has risen by 1.29%. However, trade volume increased by 2.13% during intraday trading.

KEY LEVELS :

RESISTANCE LEVEL : $17,500-$18,000

SUPPORT LEVEL : $16,700-$16,200

After a two-day rally, BTC is now facing resistance at $17,200. Will the Bulls burst past the $17,200 barrier, or will they revert to the $15,500 mark? Please let me know your views.